December 2017/ January 2018 Issue

    Month: December
    Year: 2017

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    Perspectives 2018: Taking a second look

    Regional differences are still palpable in attitudes to investing in the strategy, according to Private Equity International's Perspectives 2018 survey.

    Perspectives 2018: On the minds of top LPs

    From valuations to geopolitical issues, investors tell us the issues that keep them awake at night.

    Perspectives 2018 Asia-Pacific: Scaling up India

    The International Finance Corporation is stepping up its bets on the country as the nation’s growth story shows no signs of abating.

    Perspectives 2018 North America: CalPERS rethinks its ‘core 30’ concept

    The pension plan’s strategy to reduce GP relationships to a core group has not delivered the benefits it expected.

    Perspectives 2018: Paying the price

    Fees and expenses remain a top concern for LPs but carry distribution is also a worry, writes David Turner.

    Perspectives 2018: ESG rises up the LP agenda

    Investors are placing increasing emphasis on environmental, social and governance factors in due diligence, our LP survey suggests.

    Perspectives 2018 North America: Why Alaska has warmed to GP interests

    The sovereign wealth fund has committed more than $1.2bn to the strategy of taking stakes in managers over the past three years.

    Perspectives 2018: Graphite Capital on redrawing the growth map

    Graphite Capital’s Markus Golser and James Markham describe how operational effectiveness sits at the core of value creation.

    Perspectives 2018: Debevoise & Plimpton on why BEPS matters

    Investors are asking general partners some tough questions about the OECD’s flagship tax avoidance project. Funds need to know how to address these worries, say partners Matthew Saronson and Richard Ward and associate Matthew Pincus of Debevoise & Plimpton.

    Perspectives 2018 Asia-Pacific: Looking west

    Western political instability is one of the top worries for Asia-Pacific investors, writes Sam McMurray.

    Perspectives 2018 North America: Signs of distress

    North American LPs are pessimistic about private equity returns heading into 2018, writes Sam McMurray.

    Perspectives 2018: Pantheon on how to stand out as a co-investor

    LPs are increasing their appetite for co-investment, but with growing competition they will need to focus on the value they can bring to a partnership with a GP, say Pantheon partners Dennis McCrary and Jeff Miller.

    Perspectives 2018 Europe: Ahead of the game

    European LPs have been happy with their PE performance, but take nothing for granted, writes Sam McMurray.

    Privately Speaking with CDH’s Wu Shangzhi

    CDH Investments was one of China’s first private equity firms. Chairman and founder Wu Shangzhi tells PEI how the market is developing.

    Perspectives 2018: Troubled by valuations

    Historically high prices remain a big investor concern as we head into 2018, LPs told our Perspectives Survey 2018.

    Bain’s plucky young upstart

    The buyout shop’s Double Impact business is small and has a lot to prove. PEI speaks to managing director – and former Massachusetts governor – Deval Patrick.

    Fund restructuring without friction

    Credit Suisse’s Jonathan Abecassis responds to PEI’s assessment of GP-led fund restructurings and the need for a genuine ‘do-nothing’ option for LPs.

    Introducing the private equity Hall of Fame

    What are the greatest private equity funds of all time? PEI is pleased to present the HEC Private Equity Value Creation Hall of Fame and reveal its first entrant.

    More co-investments, separate accounts in Asia by 2019

    LPs are increasingly seeking closer alignment with Asian private equity managers as the industry diversifies away from traditional fund structures, an Intertrust report revealed.

    Perspectives 2018: Fundraising’s a whole new game, says MVision CEO

    The investor dynamic in the next 10 years will be less of a US dollar-denominated performance-based business, says MVision chief executive Mounir Guen.

    CEE roundtable: A foot in both camps

    The Central and Eastern European region offers LPs emerging market potential in a developed market framework.

    Perspectives 2018: Pomona on staying nimble in secondaries

    Pomona Capital’s chief executive officer, Michael Granoff, reflects on the evolution of the secondaries market, today’s environment and what 2018 has in store.

    Perspectives 2018: Finding the right balance in an LPA

    When raising a successor fund, an equilibrium needs to be struck between cloning the previous Limited Partnership Agreement and making wholesale revisions, write Joseph Smith, Jason Behrens and David Miller of law firm Schulte Roth & Zabel.

    Perspectives 2018: Apex Fund Services on a shifting landscape

    As the private equity asset class has grown, so has the need to outsource the fund administration function. Srikumar T.E. of Apex Fund Services considers what’s in store for this growing industry amid increased reporting requirements from LPs.

    Perspectives 2018: The growing affinity with family offices

    Family offices have the most positive attitude to private equity since PEI began surveying them five years ago, writes Sophie Colby.

    Perspectives 2018 Europe: How to be cool in a crisis

    The EBRD’s private equity head Anne Fossemalle discusses the lesson learned from the 2008 crash and how it taught GPs to listen to their investors.

    The secrets to succession planning

    As the private equity industry matures, some of its iconic founders are addressing the future of their firms – and how to keep their legacies alive.

    The dividing lines of fund finance

    When it comes to the use of subscription credit lines, private equity firms will not be able to please all the LPs all of the time.

    Trouble in paradise? Not really

    The Paradise Papers offer titbits to titillate readers. For the private equity industry, however, there are more important trends to consider.

    Subscription credit lines: what we’ve learnt

    Over the last six months, our fund finance focus section has covered credit facilities in private equity funds and beyond. We round up the key takeaways.

    KKR targets SMAs to safeguard future fundraising

    The firm is seeking to increase the number of multi-decade strategic partnerships to assist future fundraising cycles across asset classes.

    A new dawn for securitisations

    Temasek’s upcoming Astrea IV deal could herald a way for retail investors to access private equity in earnest.

    Waving goodbye to the entrepreneurs

    The institutionalisation of the private equity industry brings with it a changing of the guard. It is necessary, inevitable and a little sad.

    Private fund managers still digesting US tax reform

    The House bill includes a proposal to limit interest deductibility, and measures that will increase personal taxes paid by fund managers.

    Taking an interest in funds of firms

    Investors and fund managers alike are waking up to the appeal of GP interest vehicles.

    KKR, Carlyle… all eyes turn to Blackstone’s succession

    Two industry giants have unveiled details of their transitions from founder control to the next generation. Will Blackstone’s Schwarzman be next?

    Emerging markets Africa: data digest

    Deal count looks to be slackening in sub-Saharan Africa and the Middle East and North Africa region.

    Emerging markets special: Is the price right?

    LPs typically try to price risk in emerging markets differently, leading to a notional return premium. Warren Hibbert, the co-founder of Asante Capital, discusses how it comes about.

    Emerging markets special: Private equity tackles India’s bad debt

    Distressed asset players are flocking to the country, driven by regulatory changes.

    Emerging markets LatAm: ‘wait and see’ on Mexico investment

    Investment into the US’s neighbour remains robust despite the threat to the trade agreement.

    Emerging markets special: hires must be all-rounders

    Quantity, rather than quality, is the challenge when recruiting buyout talent in emerging markets.

    Emerging markets LatAm: Panama SWF on its first steps

    The fund plans to dip its toes in private equity waters from 2018.

    Emerging markets LatAm: what do secondaries need for take off?

    An immature market has seen few secondaries deals, but a few key transactions could lead the way.

    Emerging markets LatAm: Carlyle peruses Peru

    With big changes in many of the Latin American economies, the firm is considering its next fundraising move in the region.

    Emerging markets Africa: the Abraaj pitch

    The Middle Eastern firm's global ambitions are characterised by its single emerging-markets fund.

    Emerging markets special: new fund structures required

    These markets force managers to be creative around the standard structure.

    Emerging markets special: why LACERA does EM

    The pension is making headway in its mission to up its emerging markets exposure, but is still looking to add new managers.

    Emerging markets Africa: Getting a direct line

    Mansour Group’s family office is betting big on direct investments.

    Emerging markets CEE: getting investors on board

    The development bank's Anne Fossemalle urges LPs to see beyond geopolitical tensions to the rich investment opportunities beneath.

    Investors could miss the boat on sub-Saharan Africa

    An impending upswing could mean time is running out for investors without a presence on the continent, according to the head of Angola’s sovereign wealth fund.

    Emerging markets special: data digest

    Where do GPs see opportunities? How much will LPs commit over the next two years? How are EM funds performing? Private Equity International crunches the key numbers.

    Emerging markets Asia: Taiwan’s mutual funds open the door to PE

    Mutual funds in Taiwan can launch domestic private equity vehicles, but are they ready?

    Emerging markets Asia: data digest

    Sentiment, fundraising and deal volume for the continent.

    Exit File: Emerging markets Asia

    A key recent deal from the region.

    Emerging markets LatAm: data digest

    The region's currency risk is a major concern for investors, while deal count in 2017 has lagged behind the equivalent 2016 figures.

    Exit File: Emerging markets LatAm

    A key recent deal from the region.

    Emerging markets CEE: data digest

    Political risk is a key concern for investors across the region.

    Exit File: emerging markets CEE

    A key recent deal from the region.

    Exit File: emerging markets Africa

    A key recent deal from the region.

    Emerging markets Asia: Vietnam is moving into a different league

    An entrepreneurial market and maturing private equity industry means the country is throwing off its ‘frontier’ mantle.

    Why the fund of funds model is still relevant

    A revamped internal structure, new business lines and a focus on separate accounts have helped the firm thrive in a tough market for funds of funds, says head of secondaries Wouter Moerel.

    Keynote interview: Samena Capital on the old Silk Road

    Asian private equity markets are often misunderstood, but could hold great potential for those willing to take the first step, says Samena Capital’s Shirish Saraf.